CBN cash withdrawals limit: ATM and over-the-counter, N100,000 per week for individuals and N500,000 for corporate organisations
The Central Bank of Nigeria (CBN) has pegged cash withdrawal limit from over-the-counter, Automated Teller Machines (ATMs) to N100, 000 and N500, 000 per week for individuals and corporate organizations, respectively.
The apex bank disclosed this yesterday in a circular to all deposit money banks (DMBs) and other financial institutions (OFIs), signed by the Director, Banking Supervision Department of CBN, Mr. Haruna Mustafa, adding that daily withdrawal from ATMs will now be N20,000 subject to N100,000 per week.
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The CBN also directed DMBs and OFIs to load only N200 and lower denominations into their ATMs.
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The statement reads, “Further to the launch of the redesigned naira notes by President Muhammadu Buhari on Wednesday, November 23, 2022, and in line with the cashless policy of CBN, all deposit money banks and other financial institutions are hereby directed to note and comply with the following: the maximum cash withdrawal over the counter by individuals and corporate organizations per week shall henceforth be N100,000 and N500,000 respectively.
“Withdrawals above these limits shall attract processing fees of 5.0 per cent and 10 per cent, respectively; third-party cheques above N50,000 shall not be eligible for payment over the counter, while extant limits of N10 million on clearing cheques still subsist; the maximum cash withdrawal per week via Automated Teller Machine shall be N100,000 subject to a maximum of N20,000 cash withdrawal per day.
“Only denominations of N200 and below shall be loaded into the ATMs; the maximum cash withdrawal via the point of sales terminals shall be N20,000 daily.
“In compelling circumstances, not exceeding once a month, where cash withdrawals above the prescribed limits are required for legitimate purposes, such cash withdrawals shall not exceed N5 million and N10 million for individuals and corporate organisations, respectively, and shall be subject to the referenced processing fees in (1) above, in addition to enhanced due diligence and further information requirements.
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“Further to (6) above, you are required to obtain the following information at the minimum and upload same on the CBN portal created for the purpose.”